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 结构性行情下，局部过热与无人问津并存。由于宏观经济、行业周期、企业经营节奏等原因，当前很多优质资产并不受市场追捧，也给我们提供了低价买入的机会。我们将基于长期价值研判，积极构建潜在收益率具备吸引力的组合。下一步我们将继续基于长期风险收益逆向布局优质资产，重点关注基本面预期改善以及反内卷政策潜在受益等领域。","declarationDate":"2025-07-16T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:49.678Z","mo":"展望下半年，在“逆周期”、“反内卷”等政策持续发力背景下，市场有望延续震荡上行趋势，其中的结构性机会值得重点关注。伴随新一批“以旧换新”补贴刺激、城市更新推进、专项债加速发行，预计下半年国内经济有望延续韧性。同时“反内卷”政策的积极实施将推动供需失衡行业从低水平价格战转向高质量发展，国内整体物价水平也有望回升，支撑企业盈利复苏；其次，预计下半年国内货币政策维持稳健偏松，叠加美联储可能开启降息周期，银行体系流动性有望持续向非银体系转化；另外，外部地缘冲突及贸易摩擦明显降温，市场对此已有较充分定价，预计其后续市场扰动将明显降低。风格方面，在流动性充裕、产业催化的背景下，前期成长、小市值风格明显占优。当前成长/价值、小市值/大市值的比价处于历史较极端位置，一定程度上需要警惕风格再平衡的风险。","fund":{"_id":3000000011203,"__csrcFundId":8837,"stockCode":"011203","shortName":"永赢惠添益混合(011203)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11203,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:42:02.135Z","status":"normal","name":"永赢惠添益混合型证券投资基金","exchange":"jj","followedNum":1,"inceptionDate":"2021-03-15T16:00:00.000Z","fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢惠添益混合","setUpDate":"2021-03-15T16:00:00.000Z","setUpAssetScale":744625970.39,"setUpShares":744625970.39,"pinyin":"yyhtyhhxzqtzjj","managers":[{"stockCode":"j101019737","stockType":"fund_manager","exchange":"fm","tickerId":2317248360,"name":"王乾"}]},"announcement":{"linkText":"永赢惠添益混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1338736","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece597fea5b3eb04e9542","date":"2025-03-30T16:00:00.000Z","stockId":3000000011203,"sao":"1季度本产品延续价值策略，以企业中长期价值为锚，逆向布局优质资产，兼顾潜在收益率以及波动率。配置方向上，内需相关资产短期可能迷雾重重，但不少资产具备中长期吸引力，本基金择机布局部分优质资产；外需相关资产由于面临的外部不确定性较大以及隐含回报率吸引力不足，本产品1季度配置相对较少；AI相关的科技资产长期在我们的观察研究名单中，1季度相关主题行情参与较少。当前市场处于外部冲击压力加大、内部修复尚待时间的转折点。展望未来，外需有望在新的规则下实现均衡，而内需在经济自然出清以及逆周期政策调节下有望企稳回升。当前市场整体仍具备较好的隐含回报水平，本基金将积极寻找配置风险收益比合适的资产。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:49.676Z","fund":{"_id":3000000011203,"__csrcFundId":8837,"stockCode":"011203","shortName":"永赢惠添益混合(011203)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11203,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:42:02.135Z","status":"normal","name":"永赢惠添益混合型证券投资基金","exchange":"jj","followedNum":1,"inceptionDate":"2021-03-15T16:00:00.000Z","fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢惠添益混合","setUpDate":"2021-03-15T16:00:00.000Z","setUpAssetScale":744625970.39,"setUpShares":744625970.39,"pinyin":"yyhtyhhxzqtzjj","managers":[{"stockCode":"j101019737","stockType":"fund_manager","exchange":"fm","tickerId":2317248360,"name":"王乾"}]},"announcement":{"linkText":"永赢惠添益混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1266960","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece597fea5b3eb04e9541","date":"2024-12-30T16:00:00.000Z","stockId":3000000011203,"sao":"2024年本基金主要配置行业为房地产、金融以及消费行业，全年来看金融板块对组合贡献较大，消费对组合拖累明显，地产板块年内波动较大。2025年初接手本产品后，后续产品的运作策略将作适度调整，坚持价值逆向原则的基础上，选择风险收益比合适的公司构建组合，追求长期收益。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:49.673Z","mo":"展望2025年，在更加积极的财政政策和适度宽松的货币政策支撑下，宏观经济有望企稳回升，A股盈利增速也有望由负转正。外部影响方面，重点关注地缘政治、贸易摩擦等潜在扰动项。在人工智能产业周期下，预计新质生产力仍然将会是市场主线之一；另外，随着经济企稳回升，预计顺周期相关行业也有望迎来较好投资窗口期。本基金将继续保持风格稳定，努力挖掘风险收益比更佳的资产。","fund":{"_id":3000000011203,"__csrcFundId":8837,"stockCode":"011203","shortName":"永赢惠添益混合(011203)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11203,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:42:02.135Z","status":"normal","name":"永赢惠添益混合型证券投资基金","exchange":"jj","followedNum":1,"inceptionDate":"2021-03-15T16:00:00.000Z","fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢惠添益混合","setUpDate":"2021-03-15T16:00:00.000Z","setUpAssetScale":744625970.39,"setUpShares":744625970.39,"pinyin":"yyhtyhhxzqtzjj","managers":[{"stockCode":"j101019737","stockType":"fund_manager","exchange":"fm","tickerId":2317248360,"name":"王乾"}]},"announcement":{"linkText":"永赢惠添益混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1247922","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece597fea5b3eb04e9540","date":"2024-09-29T16:00:00.000Z","stockId":3000000011203,"sao":"2024年三季度，A股市场大幅上涨，上证指数上涨12.44%，创业板指数下跌29.21%。从7月份至9月中旬，股票市场整体呈下跌趋势。但是到了9月下旬，随着各项刺激政策的出台，增量资金开始流入股票市场，使得股票市场大幅上涨。行业方面，受益刺激政策出台以及资产价格上涨的证券、保险、房地产等行业三季度股价大幅上涨；而上半年股价上涨的公用事业、煤炭、石油石化等行业四季度股价涨幅较小。本基金三季度配置的行业主要为房地产、金融和消费行业，其中金融行业和房地产行业股价大幅上涨，因此三季度基金净值也出现了比较明显的上升。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:49.671Z","fund":{"_id":3000000011203,"__csrcFundId":8837,"stockCode":"011203","shortName":"永赢惠添益混合(011203)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11203,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:42:02.135Z","status":"normal","name":"永赢惠添益混合型证券投资基金","exchange":"jj","followedNum":1,"inceptionDate":"2021-03-15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   2021年初，本基金在年初基于通胀的上行风险判断利率会出现上升，市场估值有回落的风险，因此在3月份基金成立后配置了较多受益于利率上行的金融行业。进入二、三季度，虽然通胀继续上行，但是利率不但没有上升反而出现下降，导致金融行业股价出现较大幅度下跌，因此本基金二、三季度净值也出现较大幅度下跌。四季度，本基金基于地产行业见底的判断以及对新能源发电景气度上升的判断，配置了较多房地产行业和新能源发电行业的相关投资标的，因此四季度净值涨幅好于业绩比较基准。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:49.642Z","mo":"展望2022年，宏观经济面临下滑的风险，预计稳增长的宏观调控政策也会逐渐推出。在经济出现大幅下滑迹象到宏观调控政策出现实质性放松之前，股票市场通常都会出现下跌；但是一旦宏观调控政策出现实质性放松，股票市场也会迎来投资机会。因此A股市场一季度存在下跌风险，这一阶段我们将会主要配置受益宏观调控政策放松的行业以及低估值高股息率的行业。一旦宏观调控政策出现实质性放松，我们将会根据政策放松的方向对投资组合作出调整，争取为投资者获取更好的投资回报。","fund":{"_id":3000000011203,"__csrcFundId":8837,"stockCode":"011203","shortName":"永赢惠添益混合(011203)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11203,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:42:02.135Z","status":"normal","name":"永赢惠添益混合型证券投资基金","exchange":"jj","followedNum":1,"inceptionDate":"2021-03-15T16:00:00.000Z","fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢惠添益混合","setUpDate":"2021-03-15T16:00:00.000Z","setUpAssetScale":744625970.39,"setUpShares":744625970.39,"pinyin":"yyhtyhhxzqtzjj","managers":[{"stockCode":"j101019737","stockType":"fund_manager","exchange":"fm","tickerId":2317248360,"name":"王乾"}]},"announcement":{"linkText":"永赢惠添益混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=706691","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece597fea5b3eb04e9534","date":"2021-09-29T16:00:00.000Z","stockId":3000000011203,"sao":"2021年三季度，A股市场出现下跌，沪深300指数下跌6.85%，创业板指数下跌6.69%。三季度产业政策的变化对股票市场的投资结构产生了很大的影响。“双碳”政策的推进使得周期行业的供给受到了很大的限制，供不应求导致价格上涨，周期行业因此也出现了较大的涨幅。但是对于中游制造业和消费行业，由于三季度宏观经济总需求出现下滑，PPI的上行无法向下游传导，再加上一些产业政策的变化使得外资对于有政策风险的部分消费行业进行了减持，使得消费行业和中游制造业三季度跌幅较大。本基金三季度股票仓位较高，因此三季度基金净值也出现了下跌，但由于消费行业持仓较少，因此跌幅小于指数。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:49.639Z","fund":{"_id":3000000011203,"__csrcFundId":8837,"stockCode":"011203","shortName":"永赢惠添益混合(011203)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11203,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:42:02.135Z","status":"normal","name":"永赢惠添益混合型证券投资基金","exchange":"jj","followedNum":1,"inceptionDate":"2021-03-15T16:00:00.000Z","fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢惠添益混合","setUpDate":"2021-03-15T16:00:00.000Z","setUpAssetScale":744625970.39,"setUpShares":744625970.39,"pinyin":"yyhtyhhxzqtzjj","managers":[{"stockCode":"j101019737","stockType":"fund_manager","exchange":"fm","tickerId":2317248360,"name":"王乾"}]},"announcement":{"linkText":"永赢惠添益混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=656332","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece597fea5b3eb04e9533","date":"2021-06-29T16:00:00.000Z","stockId":3000000011203,"sao":"2021年上半年A股市场出现大幅震荡,上证指数涨幅约3.40%,创业板指数涨幅约17.22%。行业方面，新能源、钢铁、化工等行业涨幅较大，而家电、非银金融、房地产等行业出现了较大幅度下跌。今年以来多数行业的基本面变化不大、盈利增长较为稳定。为数不多的变化一方面体现在原材料价格上涨使得上游企业盈利受益、中下游制造业盈利受损，另一方面体现在消费行业出现一些新品类的变化以及新渠道的变化使得竞争格局重新划分，而这些变化也都体现在相应行业和公司股价的变化。但是今年以来A股市场却出现大起大落，我们认为其中很重要的原因来自于估值分母端利率的变化。春节前中美利率均出现明显上升，因此春节后我们看到高估值行业出现估值较大幅度的下降；3月份以后中美利率见顶后逐渐回落至年初水平，因此4月份之后高估值行业的估值也见底回升，新能源、半导体行业甚至创出新高。本基金3月份成立，二季度处于建仓期，在建仓期内我们尽可能选择估值较低且盈利较好的公司进行配置，但是二季度利率的下行超出我们的预期，使得成长股表现远好于价值股，本基金未能作出及时调整，因此二季度业绩表现不佳。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:49.637Z","mo":"展望下半年，当前较低的利率水平有助于A股市场估值的进一步抬升，且企业盈利仍保持在较好的水平，因此我们认为当前A股市场仍具备较好的投资机会。但是当前A股市场估值的结构性分化严重，部分行业的估值处在历史80%以上的分位数，同时部分行业的估值不足历史5%分位数。一旦货币政策或是中美利率环境出现变化，估值的两级分化也将出现收敛。因此，本基金一方面将继续保持较高的股票仓位，另一方面将会基于风险收益比的考虑选择估值不贵且盈利较好的行业和公司进行配置，争取为投资者获得风险收益比更好的投资回报。","fund":{"_id":3000000011203,"__csrcFundId":8837,"stockCode":"011203","shortName":"永赢惠添益混合(011203)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11203,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:42:02.135Z","status":"normal","name":"永赢惠添益混合型证券投资基金","exchange":"jj","followedNum":1,"inceptionDate":"2021-03-15T16:00:00.000Z","fundCollectionId":4000050880000,"currency":"CNY","masterFundShortName":"永赢惠添益混合","setUpDate":"2021-03-15T16:00:00.000Z","setUpAssetScale":744625970.39,"setUpShares":744625970.39,"pinyin":"yyhtyhhxzqtzjj","managers":[{"stockCode":"j101019737","stockType":"fund_manager","exchange":"fm","tickerId":2317248360,"name":"王乾"}]},"announcement":{"linkText":"永赢惠添益混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=630888","linkType":"PDF","source":"csrc_pdf"}}]}